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Electronic Health Records (EHR) Market Value Set to Reach $33,294 Million by 2023 | AMR

03-22-2019 06:08 PM CET | Health & Medicine

Press release from: Allied Market Research

Electronic Health Records Market

Electronic Health Records Market

An electronic health record (EHR) is a digital version of the paper chart of a patient. It contains all the data related to a patient's medical history including medications, diagnoses, immunization dates, treatment plans, radiology images, allergies, and test results from laboratories. These also allow access to evidence-based tools that are used by healthcare providers to make decisions about a patient's treatment. EHRs have also helped to streamline and automate the workflow in a healthcare setting.

The Global Electronic Health Records Market was valued at $23,592 million in 2016, and is expected to reach $33,294 million by 2023, growing at a CAGR of 5.0% from 2017 to 2023.

Rise in adoption of EHR, increased use of cloud based EHR software, rapid surge in aging population, and subsequent rise in the number of chronic diseases drive the electronic health records market growth. However, the market growth is limited by high cost of EHR and rise in concerns regarding the patient data safety & security due to increase in cyber-crime. Conversely, huge market potential in the developing regions are expected to offer further opportunities for market growth during the forecast period.

Based on product, server-based EHR software is expected to maintain its dominant (more than half of the market share in 2016) position during the analysis period as it allows for a wide range of customization, is interoperable, and has a robust support from vendors.

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Based on type, the inpatient EHR segment held the major market share in 2016 and is expected to dominate the market throughout the forecast period as can integrate data of lab, pharmacy, x-ray, billing systems and many other hospital departments so that data consistency is maintained while sharing patient information between each of the various hospital departments.

North America accounted for nearly half of the global market in 2016 and is expected to remain dominant throughout the forecast period. This is attributed to the increase in adoption of information technology in the healthcare industry, increasing baby boomer population, increasing demand for better healthcare, and increasing demand for interoperable medical devices/solutions. Moreover, government support and presence of highly sophisticated healthcare infrastructure are expected to present new growth opportunities to the players in this market.

Snapshot of Asia-Pacific Electronic Health Records Market

The electronic health records market in Asia is at its initial growth phase, and hence, this region is expected to offer new opportunities in the coming years. Asia-Pacific has the highest population of individuals suffering from chronic disorders such as diabetes, coronary thrombosis, tuberculosis, and others. The healthcare industry is facing problems such as lack of trained workforce (technologically proficient employees in healthcare), lack of proper healthcare facilities in rural areas, and lack of awareness about healthcare options among population. However, with rise in demand for better healthcare services and improving healthcare infrastructure, the demand for EHR solutions is on an increase to manage the functioning of healthcare organizations.

Key Findings of the Electronic Health Records (EHR) Market:

• The cloud-based software segment accounted for more than two-fifths share in the global market.
• Ambulatory EHR is expected to be the fastest growing technology with a CAGR of 5.6%.
• The hospitals segment held a major share of more than two-fifths of the global market in 2016 and is expected to retain it throughout the forecast period.
• Clinical application segment occupied one-third share of the global market in 2016 and is expected to retain it throughout the forecast period.
• Asia-Pacific is expected to be the fastest growing region, registering a CAGR of 6.5% during the forecast period.

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